Mumbai: Aiming to widen its focus on the health insurance business, state-owned general insurancer Oriental Insurance has said that it would launch a slew of health policies early next fiscal.
“Health segment is one of our core areas. We are planning to launch 2-3 long-term health policies,” company’s Chairman and Managing Director M. Ramadoss said.
He said that the company is also ‘fine-tuning’ its mediclaim policies to extend enhanced benefits to customers.
Ramdoss said that the company would be filling these products with the regulator, IRDA, by the end of this fiscal and hope to start selling them from April.
The health insurance industry of the country had witnessed around 55% growth last fiscal.
“Oriental’s health insurance business grew by 25%. This year, we expect to grow by more than 35%,” the CMD said.
Ramdoss said that the company was expecting a gross premium growth of 5-6% this year, adding that the Profit before tax for the current fiscal could fall by Rs100-150 crore. Last year, the company’s PBT was Rs450 crore.
“Profit after tax (PAT) for the last year was at Rs9 crore which was likely to grow by 70% this fiscal,” he said adding that the PAT was less last year because the company had 5-6 years of tax assessment pending.